Nephros (NASDAQ: NEPH) CEO exercises options for 120K shares

Rhea-AI Filing Summary

Nephros Inc. President and CEO Robert R. Banks Jr. exercised stock options to acquire 120,000 shares of common stock at $1.44 per share on March 23, 2026. Following the transaction, he directly holds 190,000 common shares and retains a remaining option position tied to 10,406 underlying shares expiring in 2034.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Banks Robert R. Jr.

(Last) (First) (Middle)

380 LACKAWANNA PLACE

(Street)

SOUTH ORANGE NEW JERSEY 07079

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
NEPHROS INC [ NEPH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/23/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/23/2026		M		120,000	A	$1.44	190,000	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$1.44	03/23/2026		M			120,000	(1)	05/05/2033	Common Stock	120,000	$0	237,165	D
Stock Option (right to buy)	$2.14							(2)	05/14/2034	Common Stock	10,406		10,406	D

Explanation of Responses:

1. Options to purchase 89,291 shares vest on 5/5/24 and options to purchase 267,874 shares vest quarterly in 12 equal amounts commencing on 8/5/24.

2. Options to purchase 2,601 shares vest on 5/14/25 and options to purchase the remaining 7,805 shares vest quarterly in 12 equal amounts commencing on 8/14/25.

	Christopher Melsha as attorney-in-fact for Robert R. Banks, Jr. pursuant to Power of Attorney previously filed.	03/25/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did NEPH CEO Robert Banks report?

Robert R. Banks Jr., CEO of Nephros Inc. (NEPH), reported exercising stock options for 120,000 shares of common stock on March 23, 2026. This was an option exercise, not an open-market stock purchase or sale.

At what price did the NEPH CEO exercise his stock options?

The Nephros CEO exercised stock options at $1.44 per share for 120,000 common shares. This reflects the option’s strike price, set when the options were granted, rather than the market price on the exercise date.

How many Nephros (NEPH) shares does the CEO hold after this Form 4?

After exercising options, the Nephros CEO directly holds 190,000 shares of common stock. This figure reflects his direct ownership position immediately following the March 23, 2026 transactions reported in the Form 4 filing.

Did the NEPH CEO sell any shares in this Form 4 filing?

The Form 4 shows no open-market sales by the Nephros CEO. All reported activity relates to exercising derivative securities (stock options) to acquire common shares, with no sales or dispositions indicated in the provided data.

Does the Nephros CEO still have unexercised stock options outstanding?

Yes. After the reported transactions, the CEO retains stock options linked to 10,406 underlying shares of common stock. These remaining options carry a $2.14 exercise price and an expiration date in 2034.

What do the vesting footnotes in the NEPH Form 4 indicate?

The footnotes explain that certain option grants vest over time, with portions vesting on specific dates and the rest vesting quarterly in 12 equal installments. This schedule governs when the CEO can exercise additional options in the future.